MR1100, Discussion Post 2, Fall 2019

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Three Products for Baby Boomers
Three products I believe will appeal to the generation of baby boomers, born between 1946-1964 are as follows:
1.     Recreational Vehicles: More and more, we are seeing people approaching retirement age sell all their earthly possesses, pack it up in an RV and hit the road, off to their next chapter of adventure and wonder. Especially in the era following the Great Recession, many older adults are facing economical hardship, loss of their security funds or pensions, and insolvency. An emerging trend that has gained popularity amongst this economic distress is older adults downsizing and minimizing their expenses. Their values are different from that of their parents, who largely stayed in the same family home and communities for their entire lives. Now, Nan and Pop are packing it up and we are seeing more modern family dynamics with baby boomer parents and grandparents living the wanderlust life. Therefore, recreational vehicles, trailers, and products specific for travelling boomers would be a profitable investment for any firm looking to capitalize on this trend. Boomers sell their homes and materials, and aim to purchase an RV with cash so they no longer have looming bills and fiscal responsibilities. The boomer will penetrate the campers market, but more in the high-end products, luxuries and conveniences than the basic “roughin-in” camping equipment. They want their comforts and luxuries that they have worked their whole lives to enjoy without the mortgage, utilities, and taxes.
2.     Real Estate with In-Law Apartments:  To address the growing concern of boomers taking care of their aging parents, paired with the economical hardships, a viable industry for boomer saturation would be real estate that offers in-law apartments or communal living. Elderly boomer parents are now facing their end-of-life, health and medical issues, and are needing care from their boomer children. While some can, not all boomers can afford to put their elderly parents into senior care, and with cuts to healthcare and senior services, it is becoming increasingly costly and challenging to provide boomer’s parents with the care they need and deserve. One solution to this issue is to have the elderly parents moving into the homes of the boomers so they can be taken care of within their families. While many boomers, like mentioned above, are selling their homes and opting for the nomadic life, there are still many people who are cutting back and cutting down to a lesser degree, by combining their living expenses with their elder care expenses so that they can feasibly manage these challenges.
3.     Travel Packages: While it may seem like I am contradicting myself when I recommend travel packages for baby boomers, it is true that although the economy is unfavourable right now for homeowners, retirees, and seniors, this demographic still has the most disposable income of any of the generations. They are in senior positions at their jobs, have climbed up the ladder to the higher pay grades, have had more time for saving and building credit, and so on. Travel packages that offer experiences of visiting “must-see” locations will be a big interest for baby boomers. The Great Wall of China, the Great Barrier Reef, the wonders of the world, Rome, Paris… Baby boomers are at a place in their lives where their children are grown, they have had some time to work and save, and now they are wanting to venture out of their own and check things off their lifetime bucket lists. Any adventure/travel package that offers boomer-specific products will be a success. Boomers aren’t looking for the “all-inclusive”, “all-you-can-eat-and-drink” resort destinations. Their tastes and preferences are more refined and sophisticated, and they prefer comfort and luxury over abundance and noise. You may not see many boomers at Mardi Gras, but you’ll definitely see many walking the Great Wall of China to get their photos and see the many beautiful sights of the world. As long as there’s a restroom nearby! 😉
Check out this cool link that is an online store specifically for baby boomers! I thought that was super cool! https://www.theboomshop.com/Shop-Kitchen.html
Here’s another link where I got some ideas! https://www.thebalancesmb.com/small-business-ideas-for-the-baby-boomer-market-2947936


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